Diamonds are one of the most expensive gemstones available on the market, with some varieties, such as a pure red diamond, being too expensive for most celebrities. Diamonds can cost millions of dollars, such as the Allnatt Diamond that sold for $3 million and the Heart of Eternity that sold for $16 million. With diamonds being so expensive, many people look at their purchase as an investment, but a diamond shouldn’t really be seen as an investment as selling a diamond will not give you a profit. In fact, most of the times you are trying to sell a diamond you’ll notice that you aren’t even able to break even when you compare the price you paid for the diamond to the amount you are offered when you try to sell the diamond. We are going to explore the options that are available when you sell a diamond and also take a quick look at why you will lose money if you try to sell your diamond jewelry set, rather than gain a profit.
Will You Gain Money Or Lose Money When You Sell Your Diamond?
Selling a diamond as a private seller is very different from selling a diamond as a jeweler. While a jeweler has a reputation for working with trustworthy laboratories to grade their diamonds and professional top jewelry designers, a private seller does not have any reputation and there is no reason for anyone to trust them. Even when a certificate is provided with the sale of a privately owned diamond, it still does not give much of a guarantee. This information alone should be enough to proof to you that you are less likely to sell your diamond as a private seller than a proven jeweler – and, of course, if you are able to sell your diamond, you are not likely to sell your diamond for the same price a similar diamond would cost at a jeweler with a proven track record.
Tips To Get The Best Value For Your Diamond
Even though you already know you will not be able to get the same amount for your diamond as you paid, you may still be interested in selling the diamond due to an urgent need of cash or the diamond is simply not of any use to you at the moment. If this is the case, then there are some tips that can help you gain the maximum level of benefits when trying to sell your diamond.
- When you buy a diamond, try to buy it online. Physical retail jewelry stores often add additional fees, while online stores often sell at a lower price. Thus, if you paid a lower fee for the diamond, you will not lose as much of your money when compared to a diamond purchased at a physical store.
- Always consider the return and upgrade policies of the store you have purchased your diamond from. Some companies will allow you to return the diamond in a certain amount of days if you change your mind – in such a case, you won’t have to sell the diamond for a lower price. Some companies will also allow you to upgrade to a better diamond and offer you your diamond’s actual value when you decide to upgrade.
- Do not sell too quickly. Get your diamond appraised professionally and obtain a certificate, then visit some locations that might be interested and see who can give you the best offer.
If you have a colored diamond rings in your possession and you are thinking of selling the diamond, then it is vital that you realize you will most likely not be able to break even or make a profit when you manage to sell the diamond. There are many reasons for this, with the most significant being the fact that retailers tend to form a professional relationship with the wholesalers, which means they would rather spend their money at the retailer. If you do decide to sell your diamond, make sure you take all of your options into consideration before you proceed with the process.